₦airaland Forum

aribisala0:
Not everything is politics
I really do not know what you mean by subsidized dollar
Maybe you can define that and also state clearly the extent or percentage subsidy

My understanding is that the The Forex market is one of the most efficient with price discovery governed by demand and supply
By Forex market I am referring to what Nigerians call black market i.e Aboki/ BDC


The main discrepancy is the spread between the official rate i.e what the CBN sold at and what was happening on the street

A large spread is more indicative of what you might be referring to as SUBSIDY though Subsidy is not an accurate description

That spread widened under Buhari

Now at the time when it was 1 to 150 Emefiele was not in office
He came into office in June 2014 by which time the cracks had started to appear it was about 165 and on the the street it was approaching 200

Your claim that WE WERE BORROWING to sustain exchange rate is ridiculous.

What does that mean in practice ? That we were borrowing dollars and then underselling?

FIrst of all who was the WE that was doing that? The Federal Government or the CBN. That is a fundamental question you need to answer to demonstrate you have a clue what you are talking about

For the record this business of "FLOATING" the Naira is not new
The dollar was very stable at 80 Naira under Abacha it was the REAL rate

The reason is simple He was able to Stifle DEMAND for imports

The exchange rate ultimately depends on the balance between imports and exports

Again between 1999 and 2014 . The exchange rate was very stable at close to 150

This was based on very healthy Foreign reserves, higher oil prices

And the fact that Obasanjo had been able to clear debt



Much of the borrowing that happened after that purportedly for rail and other infrastructure projects,as well as for balancing the budget put pressure on the exchange rate because the ability to repay and service debt as well as consume imports at the same rate became more difficult when oil prices crashed in 2014

After Buhari came in it was clear the Naira needed to be devalued and this happened but it did not go far enough, was not transparent and then corruption set in at the CBN leading to a widening of the spread between street and official rate

This is not new we have seen this several times before in the late 80s and 90s


SO Whilst I agree with the decision to let the Naira find its value. It is not new we have done that before also your understanding and analysis is wrong.

There never was any borrowing to support the Naira . That is silly honestly

The use of the word subsidy is wrong.

The CBN is not the only player in the the Forex market. Over $20 billion of diasporan remittance enter the market each year and that money is traded VERY EFFICIENTLY . There is nothing like subsidy there. There is genuine price discovery

If the CBN start that exchanging 20 Naira for one dollar , knowing fully well that this is below market value, then the exchange rate HEAVILY SUBSIDIZED.

However, if the CBN sell dollars to anyone based on auction, it is market value.

SalamRushdie:
You have come to embarrass yourself self again on the altar of needless sycophancy, since dollars wasn't 150 in 2010 why do t you tell us what it was and and how much was being used to subsidized one dollar ? There is nothing like currency subsidy , Central banks have a mandate to manage the demand and supply of foreign currency, it's called currency defense , even the Tinubu govt is heavily doing it today if not the the price of the Naira should be 1950 as we speak ... if Jonathan was subsidizing the Naira was he also subsidizing the GDP per Capita which was 3400 dollars ? But today under Tinubu it's a miserable $800..Was Jonathan also subsidized FDI which was the highest is Africa through our his tenure but today Tinubu can't even attract 1.2 billion dollars..

If Tinubu had his policies right . the naira will be nowhere near 1600 it is now ..the man in a bid to rapidly enhance Oando made a huge miscalculation of moving Petro price to 590 not realizing that would trigger attendant inflation and also affect the demand for forex ...The man knows nothing about economics and even you will agree at the end of his tenure because he will have no result anywhere

Go back to Mama Nkechi beer parlour.


Economics is not your forte

KaLuCh:
Uhm? So the government should never subsidise commodities for its citizens? You do understand that's part of the government's reasonable duties?

To be cntd

.Until we learn in Nigeria, that the real role of the Government is to do what citizens can't or what citizens aren't suitable to do for themselves, we would continue to face disappointments from political office holders

It is not the responsibility of the Government to subsidise dollar for the citizens, to be able to import whatever catches their fancies, including human hairs or toothpicks

Jaylord12:
Leave him.....life will always give you what you sow in multiple fold

So, Karma is giving you the seeds you people sowed earlier?

Validated:
The seed of discord you are sowing for cheap political gains will come back to hunt you. It may take some years, but surely it will return ... it is called KARMA! and it returns in ruthless manner.

Keep quiet and channel your energy ,in developing Anambra State. Every State has the right to manage its local affairs .

Naming of Streets and B/stop are under the purview of LOCAL GOVERNMENTS and are registered, subject to renewal or non-renewal.

BlackViper:
Hahaha😂 Kemi has triggered millions of Nigerians once again into having their famous/infamous childish tantrums.

One would think that Nigerians would be grateful for having such a high profile critic of their corrupt government that has a habit of buying up opposition party members.

Kemi can't be bought because unlike Femi Fani Kayode, Reno O Mockery etc, she's not a typical "arowojobe" anywhere belle face Nigerian politician.

She is prepared to dispense with diplomatic niceties and speak the bitter chloroquine truth.

Kemi is NOT contesting election in Nigeria.


It seems both you and Kemi don't are confusing the roles of Opposition leader in UK and Opposition leader in Nigeria

Gbogboski:
The Igbos should double down on asset aquisition in Lagos.

He who owns the most property owns the city.

Lagos is ours for posterity

Why the fixation on Lagos? Why not make Onitsha or Lokoja the economic capital

Make Port Harcourt your economic capital and let Lagos be. Everyone is free to chose his or her city of economics

Because, most people need to go out during the day , to earn their living

With the ways Ohaneze release press release about Lagos every week, one would think that Ohaneze exists soley for Lagos affairs.

Ohaneze should focus on Alaigbo and learn to mind their business, once in a while

Beautifulday:
You are saying top companies have no business employing the best brains. They should employ people like Buhari who in your Opinion has masters in strategic studies not in economics?

You don't know anything about assessment of best brains.

The Nigerian educational system is so warped and give many Nigerians false sense of importance such,that many people strongly believe that spending four years to earn BA or Bsc in IMSU, DELSU,Abraka or UNILORIN is greater education than spending 22years in the Military to become a Major-General.

Beautifulday:
what was Buhari highest educational qualification in life?

which schools did he acquire them?

This author is not educated

The matter has nothing to do with schooling but ,for serious minded readers, Buhari has Masters in Strategic Studies

Why not, we have lands in Nigeria.


Nigeria should have accepted the offer and take in 3000 Venezuelans and house them in Sambisa Forests, to fight Boko Haram.


The offer should be conditional - The 300 Venezuelan Refugees must under Military Training in the US and be deployed against Boko Haram. If they flush our Boko Haram, they can live in Sambisa Forests for 30years

Naya25:
Gone are the days when men used to respect and also hold married women in high esteem. You barely see any man willing to get entangled with a married lady, because they know it's an ungodly act..

But these days, guys go after married ladies with reckless abandon. Some men even prefer dating married ladies. Even when they are told of a woman's marital status, some men no dey send. All they wanna do is just sleep with the woman. The fear of adultery is no longer there.

There are married ladies, who don't give a damn about their status as well. Some even initiate affairs with men, based on some foolish crazy excuses... Guys, sin na sin.

It's because the young and untrained generation are now married adults but don't have the discipline and morality needed to respect the sanctity of marriage.

Men and women who sleep with each other till their wedding nights (to different partners) would see nothing wrong In continuing after marriage.

Shaketable:
See u , n tribalistic sentiments , how many igbos live in isale eko , talkless of having buildings there ?

Where did I mention Igbo ? Why didn't you mention Ijaw, Efik or Nupe?

damilola4162:
It is well, why are building collapsing everywhere in Lagos!

Some people would still wail and play the victim card ,that the collapse is targeted against their tribe

AMINDA:
That remains the only bullet left for Tinubu after begging Kwankwaso to decamp to no avail. He's now relying on litigation. Why is your Tinubu afraid of opposition? Is he really a democrat as we were told or did he actually betray Abiola as said by Sule Lamido. I think I believe the latter.

This matter has nothing to do with Tinubu but a long term crisis between Dumebi Kachikwu (the ADC presidential candidate in 2023) and Amb Ralph Nwosu, the former chairman of ADC.

seanfer:
Does that mean Atiku and co did not d their findings well..
Or Mr Kachikwu is trying to raise false alarm just to be call to the table?

Which table again?


Nigerians are just too corrupt and everyone wants bribes.

specialmati:
so the agbero chairman won't make 1$ 1 naira again you try

Agbero chairman is Market forces.

You can call it any name in your dialect, but the bottom line is that the economic laws of demand and supply ,now determine exchange rate rather than CBN borrowing $Billion to artificially defend the exchange rate.

specialmati:
so the agbero chairman you guys smuggled into asorock is no longer the master planner,the builder of Lagos State from the sea,the first class economics from oluwale uni.so he won't make 1 dollar 1 naira again.but can make 1 dollar 1600.how you set of people reasons should be a case study

Demand and supply,now determine the exchange rates,not the President.


Economics don't respond to all these insults,curses and abused.

Tinubu is implementing the right but ,may be unpopular reforms.

ivandragon:
Thank you.

Those who condemned N215:$1 are suddenly excusing N1600:$1.

Bat is both incompetent and greedy, a nasty combination. He does not understand the basics of socio-economic growth and his policies are designed to satisfy selfish interests which is why despite all the so called 'positive'reforms, Nigeria keeps sinking.

You didn't talk about anything economic, just insults and politics

Zionmdde:
All you guys do is to call youths lazy.
Youths weren't lazy when tinubu led apc were asking Nigerians if $1 to N215 was OK?

You sound naive sha but I won't delve in much.
1st exchange rate won't have gotten to 1600 had tinubu shut his mouth on the handover day, assemble his economic team, sustained subsidy payment while supporting dangote to fast track commencement of production. Once dangote refinery starts, remove subsidy. With that, dollar wouldn't have exceeded 500

Secondly, there is so much corruption that have led to abandoned projects that single handedly could have projected Nigeria's economy
Go to brass, go to ajaokuta, go to ikot abasi and see how trillions of naira investment were abandoned. There are lots of things Nigeria has no business importing, so you guys should stop calling people lazy.

How do you sustain subsidy?


1) No international creditors were willing to continue to loan Nigeria $Billions to pay for unsustainable subsidy


2) If Tinubu didn't announce removal of subsidy and continued paying MARKETERS, it would be difficult to stop because so many vested interests that benefited from the scam ,in and out of Nigeria would make it impossible to stop through massive sabotage


3) There was no provision in the budget for subsudy.


Exchange rates are now determined by demand and supply, if you continue to demand for dollars to import everything without exporting much to earn dollars, Naira would continue to be weak

Mbanda:
What is tinubu doing in his own part? Don't you think he supposed to create an enabling environment he promised first before other things can set in.

Part of the enabling environment;


1) Reforms in the Down steam sector: removal of subsidy ,allow private investors build refineries and sell at prices that pay them

2) Unification of exchange rates and removal of subsidy on the exchange rates - Stability of the exchange rates: this boost investors' confidence in the economy

3) CNG policy: Rather than establishing Ibom Airline or building multi- Billion Naira church, A/Ibom (and other oil producing States )supposed to tap into this policy by building giant conversion plants and industries that manufacture CNG cylinder and conversion kit.

4) Lagos-Calabar Coastal road, Ondo ,Delta and Bayelsa States ought to have started processes of linking their economies to Lagos e.g massive investment in Fish production and storage, along their coast to supply over 20 million people in Lagos

Raf4:
Either knowingly or unknowingly, consciously or unconsciously, El-Rufai is working for Tinubu.

He is working for himself against 2031, by positioning himself as the new defender of Northern interests/New Buhari

Arostar2023:
Have you considered the effects and impact of the woman's utterances on Davido's family and other people that had inter tribal marriages? If someone as highly placed and supposedly educated as that woman can make such insensitive utterances in a highly polarized nation like Nigeria....that says a lot.

Whatever impacts, Davido and his family experience is their cup of tea.


1) The woman did NOT go to Davido's page to write anything

2) The woman never said anything negative about any tribe. When has it become a crime to public express preferences for Yoruba spouses in Nigeria?


3) In the bible, God specifically told children of Israel, not to marry from certain nations, the Glorious Quran also mandate Muslims, not to marry certain peoples.


4) Marriage on it's own has tensions and marrying people that don't share your cultural views or whose interests are directly opposed to yours is likely to bring disharmony. This is the reasons, Igbos and Fulanis, Southern Kaduna & Fulani, Hausa-Ijaw don't inter-marry much.

Bendeco02:
Both the woman and the Igbo guys that replied her are just petty.

Why all these unnecesary tribal fight?

You want all your children to marry yoruba, and so who asked you?. Why not keep it to yourself instead of generating division and trouble with it

The ones replying her are jobless as well

When hasn't become a crime for Yoruba to express their desires for Yoruba spouses publicly?

This is the critical issue - The attempts by over zealous Igbo ,especially in the Obidients Movement, to silence or denigrate anything Yoruba.

This should be resisted and those bullying her be arrested and charged to court.

bigpicture001:
The lecturer called for what is happening to her... Sh knows the trend if the Davido topic is about a fan frowning at davido for marrying and association with igbos... So davido shut the fan up by saying he is Igbo by blood..

Now this woman rejoined the argument and now claim it's an innocent statement.. see, u dnt go to the north and do religious argument in the public garage.. if u are christian except u want to die...

Sh know the atmosphere is already tensed and waded in in condemnation big davido... ND still expecting those supporting davido to keep quiet .. abeg sh deserve and called for what sh got

1) The lecturer, never rejoined anything

2) She has a right to write anything on her FACEBOOK page
3) Making sure her children marry from her tribe is NOT an attack on Igbo

4) Anyone bullying her and threatening her should be arrested

5) Conservative Yoruba organisations should step up campaigns to protect Yoruba interests ,including long term cultural interests.

franchasng:
una just like forming saint after causing trouble, na wa oh, na only una de Nigeria self? Lol


Read this:

The controversy began on Wednesday, May 21, when Dr. Olarinmoye reacted to Afrobeat singer Davido’s comments about his Igbo ancestry by writing on her Facebook page: "I would ensure my kids marry Yoruba."


Out of the 371 tribes you claim are in Nigeria, Davido said he came from the Igbo tribe as his mother happens to come from Anambra state and that was when the razz lecturer remembered that her children must marry only Yoruba, what does that mean? It's a direct attack on the tribe Davido identified with, stop pretending or twisting facts.


You know why she said that but as usual, you guys are very good at pretence and treachery.



And listen, she making sure her children marry only Yoruba is her choice but coming online on a post where a famous music star identified with his mother's tribe to say such thing makes that woman a very despicable human being, it was an obvious attack on Igbo tribe Davido identified with, so whatever criticisms she got she fully deserved it

How does making sure her children marrying from her tribe equalled to attack on Igbos.

Marriage should be bases on mutual interests and if the interests of both parties are opposite, then it is better to avoid each than entering into potential marital and by extension cultural chaos.

helinues:
Na petty issue. Let the matter rest

No, it is not a petty issue.

It is a recurrent phenomenon that should be dealt with now before it snowball to greater ethnic conflagration.

FRAUD FRAUD FRAUD